USDJPY Analysis – December 12, 2009

Being contained by resistance of the upper border of falling price channel on daily chart, USDJPY pulled back from 90.76 level. However, the fall from 90.76 is more likely consolidation of uptrend from 84.82, another bounce towards the channel resistance is still possible next week, a clear break above the channel resistance will signal further rally towards 92.32 key resistance, above this level will indicate that the fall from 101.43 has completed at 84.82 level already, then the following uptrend could bring price to 99.00-100.00 area.

For long term analysis, USDJPY might be forming a cycle bottom at 84.82 level on weekly chart, key resistance is at 92.32, above this level will confirm the cycle bottom.